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Thailand’s PTT assessing demand before signing new LNG contracts

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LNG Industry,

According to Reuters, the chief executive of PTT Pcl – the Thai energy firm – has stated that the company is not in any rush to lock in new long-term LNG purchase contracts.

The company is reportedly monitoring both domestic gas output and the growth in renewables over the coming two to three years.

Chansin Treenuchagron, the President and CEO of PTT, reportedly said that, whilst it is expected that Thailand will become increasingly reliant on LNG imports due to falling output from the Gulf of Thailand, demand for natural gas has slowed to approximately 1% or less in the last three to four years, due to an increase in solar power.

That said, the President and CEO added that he expects gas demand in Thailand to hold steady at approximately 1% per year over the coming five years.

Chansin went on to say that, whilst the company currently has long-term LNG purchase contracts for 5.2 million tpy in place with Qatargas, Shell, BP and Petronas, it is looking to make sure that demand is there before new contracts are signed.

In order to be ready for more LNG imports, the company is constructing a second terminal with a capacity of 7.5 million tpy, scheduled for completion in 2023.

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